Webster Groves man to spend life in prison for Ponzi scheme

Webster Groves man to spend life in prison for Ponzi scheme

Webster Groves man to spend life in prison for Ponzi scheme

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by JIM SALTER

Associated Press

Posted on December 21, 2012 at 3:12 PM

Updated Friday, Dec 21 at 3:23 PM

ST. LOUIS (AP) -- A suburban St. Louis man who is both a lawyer and an American Anglican bishop is expected to be sentenced to 40 years in prison for his role in a Ponzi scheme that bilked investors out of $56 million.

Formal sentencing is Dec. 28 in Kansas City, Mo., for 63-year-old Martin Sigillito of Webster Groves. A judge's memo issued Thursday said Sigillito will be sentenced to 40 years without parole.

A jury in April found Sigillito guilty after prosecutors detailed how more than 150 investors were recruited with promises of rich returns through land investments in England. They said Sigillito used the money on a lavish lifestyle.

Sigillito's attorney says his client received a far tougher punishment than two co-defendants. One got three years in prison, the other probation.

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